28 February 2023
Sumitomo Electric Establishes Sales Company for Hardmetal Business in India
Sumitomo Electric Industries, Ltd. has established a sales company in India, Sumitomo Electric Hardmetal India Private Limited, to expand sales of cutting tools in India.
In recent years, the demand for machining, noticeably in the automotive industry, has been increasing in India and fueling significant market growth. To improve services for local customers, the company has been established and will begin operations in March 2023.
Sumitomo Electric Hardmetal India will enhance its presence in the Indian market by providing cutting-edge products, such as indexable carbide inserts, cubic boron nitride (CBN) inserts, and solid carbide drills, as well as technical services tailored to customer needs.
|Company Name||Sumitomo Electric Hardmetal India Private Limited|
|Location||Navi Mumbai, Maharashtra, India|
|Established on||July 2022|
|Commencement of business||March 2023|
|Capital||160 million INR (approx. 256 million JPY, SHAP* 99.99％, Sumitomo Electric 0.01％)
*Sumitomo Electric Hardmetal Asia Pacific Pte Ltd.(SHAP) is a wholly-owned subsidiary of Sumitomo Electric
|Business||Sales of cutting tools|
|Sales plan||1 billion JPY/Y（2023）|